Long USD around 112.96 towards 117.01 | 10 May 2017

10 May 2017, USD/JPY

Long USD around 112.96 towards 117.01
Technical Observation
USD is yet to retrace back to the resistance line 112.96. I expect a rally towards this line to buy USD towards 117. On the 4 Hour chart above, sell positions seems to be ideal but only up to 112.96, but on the daily chart, there's still momentum to the upperside. My advice, either wait for a retracement towards 112.96 to long USD or short USD now towards 112.96.
Technical levels:
Resistance levels

R1: 113.58

R2: 113.89
R3: 114.79
Pivot Point
112.99
Support Levels

S1: 111.18

S2: 112.09

S3: 112.68

Trade Signal
Long USD around 112.96 towards 117.01

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Imelda Maseno
Analyst of «FreshForex» company
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